DAE Announces 45% Increase in Pre-Tax Profits for Full Year 2024 Revenue Increases by a Solid 9% - Middle East Business News and Information

Mid East Info

06-02-2025

Dubai Aerospace Enterprise (DAE) Ltd ('DAE') today reported its financial results for the year ended December 31, 2024. The consolidated financial statements can be found here.
Selected Financial Highlights: Year Ended US$ millions Dec 31, 2024 Dec 31, 2023 Total Revenue 1,429.6 1,315.7 Profit before Tax 532.3 366.3 Operating Cash Flow 1,386.0 1,233.2 Adjusted Pre-Tax Profit Margin (1) 23.2% 18.8% Adjusted Pre-Tax Return on Equity (1) 11.0% 8.5% As at US$ millions Dec 31, 2024 Dec 31, 2023 Total Assets 13,033.3 12,262.5 Net Loans and Borrowings 7,999.7 7,592.1 Available Liquidity 3,785.6 4,062.2 Net-Debt-to-Equity 2.42x 2.53x Unsecured Debt Percentage 79.4% 73.3% Liquidity Coverage Ratio 274% 290% (1) Adjusted to exclude exceptional items.
Selected Business and Operating Highlights: Number of aircraft acquired: 83 (owned: 30; managed: 53)
(owned: 30; managed: 53) Number of aircraft sold: 68 (owned: 19; managed: 49)
(owned: 19; managed: 49) Lease agreements, extensions, and amendments signed: 233 (owned: 190; managed: 43)
(owned: 190; managed: 43) Placed on long-term lease 17 Boeing 737 MAX aircraft to Turkish Airlines, Eastar Jet, and Hainan Airlines.
aircraft to Turkish Airlines, Eastar Jet, and Hainan Airlines. Number of man hours booked (DAE Engineering): ~1,600,000
Number of checks performed (DAE Engineering): 277
Increased hangar capacity by 30% by expanding the number of bays to 22 , including one A380 capable bay.
by expanding the number of bays to , including one A380 capable bay. Upgraded by Fitch Ratings and Moody's Ratings to BBB and Baa2 , respectively.
and , respectively. Morningstar Sustainalytics ESG Risk Rating: 12.3 ; Industry Top-Rated and Regional Top-Rated for fourth year running
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, 'We advanced the franchise forward yet again in 2024 by acquiring 83 owned and managed aircraft, growing revenue by 9% and increasing pre-tax profitability by 45%. This translates into a stellar pre-tax profit margin and return on equity. Our balance sheet today is stronger than ever before and our metrics for capital adequacy, liquidity, and funding are well within our committed bands, which was reflected in ratings actions taken by both Moody's and Fitch during the year.
Demand for aircraft from airline customers remains strong. At year-end 2024, all our aircraft were either on long-term leases or under LOI with airline customers, and our order book positions until mid-2026 are committed on long-term leases to airline customers.
DAE Engineering continues to deliver record performance with revenue increasing year-on-year by 33% to US$186.4 million, and profitability increasing by 94% to US$43.2 million. The addition of a state-of-the-art hangar with five new lines at our facility in Amman, Jordan, will augment our capacity by approximately 30%, further cementing Joramco's position as one of the leading airframe MRO providers in the region.'
Webcast and Conference Call:
In connection with the announcement of DAE's results for the year ended December 31, 2024, management will host a conference call on Wednesday, February 05, 2025 at 09:00 EST / 14:00 GMT / 18:00 GST / 22:00 SGT.
The call can be accessed live by clicking here from your laptop, tablet, or mobile device, or by dialing one of the global dial-in numbers and quoting 'Dubai Aerospace Enterprise' when prompted.
Forward Looking Statements:
Certain information contained in this Press Release may constitute 'forward-looking statements' which can be identified by the use of forward-looking terminology such as 'may', 'will', 'should', 'could', 'continue', 'expect', 'anticipate', 'predict', 'project', 'plan', 'estimate', 'budget', 'assume', 'potential', 'future', 'intend' or 'believe' or the negatives thereof or other comparable terminology. These statements reflect DAE's current expectations and assumptions and involve known and unknown risks regarding future events, results or outcomes and are not guarantees of future results or financial condition. Actual results, performance, achievements, or conditions may differ materially from those in the forward‐looking statements and assumptions as a result of a number of factors, many of which are beyond DAE's control.
Non-IFRS Financial Information:
This Press Release may include certain non-IFRS financial information, such as Adjusted EBITDA, not prepared in accordance with IFRS. Because of the limitations of Adjusted EBITDA, it should not be considered as a substitute for financial information prepared or determined in accordance with IFRS, as applicable. Where applicable, DAE compensates for these limitations by relying primarily on its IFRS results and using Adjusted EBITDA only for supplemental purposes.